Pengaruh rasio keuangan terhadap dividen kas di bursa efek Indonesia (studi empiris di BEI, 2004-2007)
VANI AFDILLAH, Drs. Sugiarto, MBA.,M.Acc.,Ak
Latar belakang penelitian ini adalah meneliti pengaruh rasio-rasio keuangan terhadap dividen kas di Bursa Efek Indonesia dengan periode tahun observasi 2004-2007. Tujuan penelitian ini adalah untuk memperoleh bukti empiris mengenai pengaruh rasio-rasio keuangan terhadap deviden kas sebagai variable yang dipengaruhi (variabel Y). dan Variabel bebasnya (X) adalah adalah Current Ratio, Debt to Equity Ratio, Debt to Total Asset, ROI, ROE, Dividen Payout Ratio, Earning Per Share dan Percentage of Earning Retained. Metode pemilihan sampel yang digunakan dengan metode purposive sampling. Berdasarkan pemilihan sampel yang diperoleh adalah 40 perusahaan. Periode pengamatan dalam penelitian ini adalah 4 tahun, sehingga total jumlah observasi adalah 160. Analisis data menggunakan metode regresi berganda dalam menguji variabel X terhadap variabel Y. Dari hasil penelitian ini mendapatkan hasil berupa kesimpulan bahwa secara individu rasio keuangan current Ratio, Debt to Equity Ratio, Debt to Total Asset, ROI, ROE, Dividen Payout Ratio, Earning Per Share dan Percentage of Earning Retained yang berpengaruh signifikan terhadap dividen kas. Secara parsial hanya debt to Equity ratio, debt to total asset, ROI, ROE, dividen payout ratio, earning per share sedangkan variabel cash ratio dan percentage of earning retained tidak berpengaruh signifikan terhadap dividen kas.
The background of this research is to examine the influence of the financial ratios of cash dividends on the Indonesia Stock Exchange with an observation period of 2004-2007. The purpose of this study was to obtain empirical evidence about the effects of financial ratios of cash dividends as a variable that is affected (variable Y). And variable of elimination (variable X) is the Current Ratio, Debt to Equity Ratio, Debt to Total Asset, ROI, ROE, Dividend Payout Ratio, Earning Per Share and Percentage of Retained Earning Sample selection method used by purposive sampling method. Based on the sample selection was obtained by 40 companies. Period of observation in this study is within 4 years, so the total number of observations is 160. Analysis of data using multiple regression methods in testing the variable X to variable Y. This research has concluded that the results of individual financial ratio, current ratio, Debt to Equity Ratio, Debt to Total Asset, ROI, ROE, Dividend Payout Ratio, Earning Per Share and Percentage of Retained Earning contribute a significant effect on cash dividends. Only partial debt to Equity ratio, debt to total assets, ROI, ROE, dividend payout ratio, earnings per share while the variable cash ratio and percentage of earnings retained give no significant effect on cash dividends.
Kata Kunci : financial ratios, cash dividends, multiple regression, Rasio keuangan, dividen kas, regresi berganda
